WHAT IS ENTREPRENEURSHIP? BY DANE VUMBACA

Dane Vumbaca writes: It is known as entrepreneurship the attitude and aptitude that an individual takes to start a new project through ideas and opportunities. Entrepreneurship is a term widely used in business, by virtue of its relationship with the creation of companies, new products or innovation thereof.

The word entrepreneurship is of French origin which means ‘pioneer’. However, in the twentieth century the economist Joseph Schumpeter places the entrepreneur as the center of the economic system, mentioned that “the gain comes from change, and this is produced by the innovative entrepreneur”. Its origin dates back to the seventeenth century when the term entrepreneur was identified as an “adventurer” who “undertakes” arduous decisions facing uncertainty. Over time, this perspective of adventure has been directed towards being risk-takers. It is important to take into account this dimension of risk, of adventure when you think of the entrepreneur.

Entrepreneurship has its origin in the beginning of humanity, as men are characterized by taking risks in order to generate opportunities for economic growth that can provide a better quality of life both to themselves and their families.

Entrepreneurship is essential in societies, because it allows companies to seek innovations and transform knowledge into new products. There are even higher level courses that aim to train qualified individuals to innovate and modify organizations, thus modifying the economic scenario,

On the other hand, an entrepreneur is an adjective that refers to the person who undertakes difficult actions.It is noteworthy that in times of economic crisis in a country emerge entrepreneurs, that is, by the crisis that it triggered in the economic, social and environmental, specifically high levels of unemployment, which allows individuals to transform in entrepreneurs by necessity, to generate an income for themselves, and their family.

In reference to the previous point, several theorists indicate that the best innovations have been initiated in times of crisis.

Entrepreneurship

Entrepreneurship

Entrepreneurship is the initiative or aptitude of an individual to develop a business project, or another idea that generates income that allows one to cover mainly their basic expenses, and that of their family.

Entrepreneurship, as it was previously said, has arisen because of the country’s economic crises, which leads the individual to develop innovative ideas in the market that allow it to grow in difficult times.

However, business entrepreneurship has its advantages, first of all, that of generating income, jobs. Then, it allows the individual to be their own boss, and therefore, to manage their own time and make their own decisions.

Cultural Entrepreneurship
Cultural entrepreneurship can be seen as the generator of companies or cultural organizations with the aim of not losing the meaning, or the symbolic value of products and customs belonging to a country.

Social Entrepreneurship
Social entrepreneurship seeks to satisfy the needs of the society in which it operates. As such, social entrepreneurship is a person or organization that attacks community problems, whether socially, economically, and culturally.

In reference to this point, there is a distinction between business entrepreneurship since the latter seeks profits for the entrepreneur, while social entrepreneurship seeks solutions that improve society without any economic gain.

Entrepreneurship and Management
Management is called diligence to get something or resolve a matter, administrative or involves documentation. Business management is aimed at improving the productivity and competitiveness of a company.

What are the Benefits of Entrepreneurship?
Entrepreneurship, that is, the action of starting a business, is full of benefits and advantages because it allows:

  • Work with your interests
  • Convert your biggest hobby in your business
  • Implement strategies designed to grow the business and experiment with new techniques
  • Be your own boss
  • Have the satisfaction that an idea has managed to become a reality thanks to your effort
  • Learn lots of new things
  • Carry out your daily tasks in your own home, in an office or in a coworking space full of entrepreneurs with which it is possible to share ideas and proposals
  • Create products and/or services designed to improve the lives of people and meet needs that were not previously covered

As you see, entrepreneurship has many advantages, and that’s why in this portal we encourage you to become an entrepreneur by providing tips, ideas, tricks and success stories that inspire you and allow you to give life to your own business.

Entrepreneurs

What is Business Management?

Business management is the strategic, administrative and control process against the management of company resources to increase their productivity, competitiveness, effectiveness and efficiency.

Business management, also known as business management engineering, differs from business administration by combining both strategic management and the application of technology and innovation.

According to the economist and author Joseph Schumpeter (1883-1950), business management guarantees that supply covers demand through “creative destruction”, that is, with constant innovation to increase productivity and competitiveness.

Some of the jobs and business hierarchies that represent the discipline of business management are:

  • Representatives of the senior management: general manager and executive directors
  • Intermediate management: commercial managers and area managers
  • Management front: sales managers and supervisors
  • Support staff: sales people and advisers

Functions of Business Management

The functions of business management coincide with those related to the administration of companies, differing from this in that business management is positioned at a higher level of authority (management level) and covers more knowledge than merely administrative.

The functions of business management are:

Planning: Combine resources for new projects
Organization: Integration or coordination of work activities together with the grouping of resources
Direction: Direct the levels of communication and leadership towards the objectives.
Control: Quantitative mechanisms to evaluate the results and improve the process.

by Dane Vumbaca

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